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Q2 FY24 Quarterly Exploration and Mining Activities Report

MinRes has today presented its Quarterly Exploration and Mining Activities Report for the period to 31 December 2023.

Below are key points from the December quarter, with the full Quarterly Report available in our ASX announcement.

Strong operational performance delivered:

  • FY24 volume and cost guidance remains unchanged for all operations.
  • Safety performance was 0.18 Lost Time Injuries. Total Reportable Injury Frequency Rate was 1.90.

Mining Services:

  • Production volumes were 72 million tones during the quarter, up 9% quarter on quarter (qoq).

Iron Ore:

  • Iron ore shipments increased 23% qoq to 4.8 million wet metric tonne (wmt).
  • Average quarterly realised price was US$119 per dry metric tonne (dmt), representing a 93% realisation of the Platts 62% IODEX.

Onslow Iron project:

  • Successful completion of first transhipper sea trials, with the first two transhippers scheduled to arrive in April 2024.
  • The transhipping wharf at the Port of Ashburton is completed and the shiploader was installed in December 2023.
  • Works are progressing at multiple work fronts along the 150km haul road corridor, including bypass roads, tunnels and underpasses.
  • Drill and blast and Load & Haul operations are progressing well and material movement is increasing as additional fleet and operators come online.

Lithium:

  • Mt Marion spodumene concentrate production increased 30% qoq and shipments rose 34% qoq to a total of 86k dmt.
  • Wodgina achieved attributable quarterly spodumene concentrate production of 55,000 dmt. Spodumene concentrate shipments increased significantly to 65,000 dmt.
  • Completed the restructuring of MARBL joint venture. Received net proceeds of US$383 million during the quarter from Albemarle Corporation.
  • Finalised the acquisition of Bald Hill, assuming project control on 1 November 2023. Over this period, the mine produced 26,000 dmt of spodumene concentrate, with 20,000 dmt shipped.

Energy:

  • Lockyer-5 drilling commenced and a Final Investment Decision on the gas processing facility is expected in the coming quarter.
  • Energy division began assembly of a new drill rig, which is expected to be operational from mid-2024.

Corporate:

  • Expect to introduce a partner to own a 49% interest in the Onslow Iron dedicated haul road this half to coincide with first ore on ship.